India’s FX reserves slip $4.8b – RBI data

India’s foreign exchange reserves declined by $4.8 billion to $670.12 billion in the week ending August 9, according to the Reserve Bank of India (RBI) data released on Friday.

While, foreign currency assets (FCAs) experienced a decline of $4.079 billion to $587.9 billion in the latest week, according to the RBI’s Weekly Statistical Supplement.

India’s gold reserves also recorded a downturn, falling by $860 million to $59.23 billion in the week ending August 9. This decline coincided with a drop in foreign currency assets.

In contrast, the country’s Special Drawing Rights (SDR) holdings increased by $121 million to reach $18.28 billion during the same period.

India’s forex reserves, although declining, still offer a significant buffer against external shocks. The rupee hit a record low of 83.9725 in the same week, reflecting pressure from global economic factors, as reported by Reuters.

Attribution: Reserve Bank of India data, Reuters

Subediting: Y.Yasser